Xago, a South African based cryptocurrency trading platform has in four consecutive tweets clarified the differences between Bitcoin (BTC), the first and the largest digital currency by market capitalization, and Ripple’s digital token, XRP, that occupies the 3rd position in the crypto market.
According to Xago, Bitcoin and XRP are basically open-source, which implies that both are not owned by any corporation or individual. The XRP-centric platform maintained that they are both decentralized digital currencies. It then distinctively clarified that XRP is better than Bitcoin (BTC) in terms of transaction speed.
Xago said, “What are the main differences between Bitcoin & XRP? On a basic level, both are open source, not owned by any company or individual & decentralized currencies (no banks or approvals needed). One of the main differences is that XRP settlement is faster on the Ripple ledger.”
The cryptocurrency platform added that both Bitcoin and XRP are quite different in terms of limited supply, with 21 million and 100 billion respectively. The two digital currencies can also be transferred peer-to-peer (p2p).
It furthered that payment information on the ledger is private for BTC and XRP. At the same time, the transaction information of the two digital currencies is public.
“Bitcoin BTC & XRP have a limited supply, ~21 million & ~100 billion respectively. Both can be transferred peer to peer & use EllipticCurve cryptography. Payment information on the ledger is private for both, however, transaction information is public,” Xago stated.
The cryptocurrency trading platform Xago also said RippleNet and XRP were created to serve as payment facilitators of national currencies. It said both as well serve as an effective settlement system for banks and financial institutions. Obviously, Bitcoin does not possess these attributes.
Xago said, “The RippleNet & XRP was created with a different purpose to bitcoin: to facilitate payments across fiat or government-issued currencies. It is a real-time gross settlement system, currency exchange & remittance network for financial institutions & others to use.”
Conclusively, Xago simply hyped the strength of Bitcoin by tagging it digital gold and internet money that gives people the freedom of transaction without the interference of financial institutions and governments.
“BTC is digital money, “digital gold”, “internet money” that can be sent between individuals without needing to involve a financial institution as a “trusted third party”. It was created by a person or group of people using the pseudonym,” Xago concluded.